That is US and UK central bankers pursued by über bear Albert Edwards of Société Générale.
Edwards is rather peeved that researchers at the Federal Reserve seem
to have concluded that the Fed wasn’t responsible for the housing boom
that has turned into the biggest bust since the 1930s. He would like to
know if these are the same researchers who in 2005 that there was no
housing bubble at all. But what he wants to know above all else is:

Were the US & UK central banks complicit in robbing the middle classes?

Before getting into the guts of his argument, here’s a bit of intro:

Ben Bernanke’s recent speech at the American Economic
Association made me feel sick. Like Alan Greenspan, he is still in
denial. The pigmies that populate the political and monetary elites
prefer to genuflect to the court of public opinion in a pathetic attempt
to deflect blame from their own gross and unforgivable incompetence.

The US and UK have seen a huge rise in inequality over
the last two decades, as growth in national income has been diverted
almost exclusively to the top income earners (see chart below). The
middle classes have seen median real incomes stagnate over that period
and, as a consequence, corporate margins and profits have boomed.

Some recent reading has got me thinking as to whether the
US and UK central banks were actively complicit in an aggressive
re-distributive policy benefiting the very rich. Indeed, it has been
amazing how little political backlash there has been against the
stagnation of ordinary people’s earnings in the US and UK. Did central
banks, in creating housing bubbles, help distract middle class attention
from this re-distributive policy by allowing them to keep consuming via
equity extraction?